New Halifax Overdraft Charges

Dobbibill · 2 December 2017 at 2:37PM

Welcome to the forum,

The one off charge that left 1st Dec is for using your overdraft in October.

The daily fees started in November so will be the only fees you pay from now on.

roneldridge · 3 December 2017 at 3:41AM

Still trying to work out their charges myself!
I was charged £9 for being overdrawn £104.91 for 10 days.
I have an authorized overdraft of £650 on my Halifax reward account, which I have held for years.
If it was 1p for every whole £7 pounds then it should be 14 x 1p x 10 days = £1.40 (APR 49%)
The APR actually works out at 313%
Do they charge 1p for every £7 on the authorized amount of £650?, that is the only way I can get near the £9 charge?

Dobbibill · 3 December 2017 at 10:10AM

roneldridge wrote: »

Still trying to work out their charges myself!
I was charged £9 for being overdrawn £104.91 for 10 days.

It sounds like you paid in money on day 10 so on the old structure paid £1 per day. This would have left your account on 1st Dec for October usage.

I have an authorized overdraft of £650 on my Halifax reward account, which I have held for years.
If it was 1p for every whole £7 pounds then it should be 14 x 1p x 10 days = £1.40 (APR 49%)
The APR actually works out at 313%
Do they charge 1p for every £7 on the authorized amount of £650?, that is the only way I can get near the £9 charge

On the new structure you are charged on the same day as using the overdraft on the old structure you were charged in arrears - it sounds like you are trying to calculate the new structure fees on the old structure arrears which is where you are getting confused.
The new structure began on the 2nd November.

From November you will get charged 1p for every £7 and it will leave at the end of the same day you are overdrawn.
EG - Overdrawn on 4th Dec by £7 - charge 1p will leave at the end of the day on 4th Dec
Overdrawn on 5th Dec by £13.99 - charge 1p debiting 5th Dec
Overdrawn on 6th Dec by £14 - charge 2p leaves at the end of the day on 6th Dec.

HTH

jpdaduck · 4 December 2017 at 5:40PM

sep2612 wrote: »

Just checked my online banking and on both accounts have been charged the daily fee for the last month and today charged the £30 arranged overdraft fee on both......I thought the daily fee replaced this?? I have nearly had a heartattack when I saw this! I have tried so hard all month too keep both overdrafts to a minimum and was expecting to be slightly better off (both overdrafts under £700) I could actually cry right now! Is this a charge in arrears?? so just a one off? if so I can just about live with that.....I read all the letters etc and don't recall saying that we would still be charged this?? I budget very hard and keep a very close track on my cash flow (almost out of massive debt!) and it's only £60 but it's completely knocked my cashflow as I have some car bills to pay this month not to mention Christmas! Hoping somebody can give me some reassurance? Tried ringing Halifax but its a 35 min wait to get through!! wondering if everybody in the same boat??

I was in exactly the same boat as you, charged £29.00 on the 1st November and £30.00 on the 1st December. On the Halifax website I put in a complaint this morning (before knowing the overdraft fees are charged in arrears by 2 months) Anyway. They came back to me today and apologized for the confusion, and have offered to credit me back the £59.00 to the account.

Whether that is account specific or not I don't know, but if you can't get through on the phone, try a complaint online instead.

Blackberrycurved · 7 December 2017 at 6:21PM

I don't know what do do I used to pay about £34 in charges this month i have been charge £90 £2ish a day plus £30 I don't know what to do £90 and I'll fall into a black hole my overdraft is £1800 but I'm on £820 into it but it will be more each month what do I do?

PeacefulWaters · 7 December 2017 at 6:37PM

Blackberrycurved wrote: »

I don't know what do do I used to pay about £34 in charges this month i have been charge £90 £2ish a day plus £30 I don't know what to do £90 and I'll fall into a black hole my overdraft is £1800 but I'm on £820 into it but it will be more each month what do I do?

1) Earn more.
2) Spend less.
3) Restructure the debt (e.g. loan or credit card) to clear the overdraft and never go overdrawn again.

Blackberrycurved · 7 December 2017 at 7:24PM

PeacefulWaters was that reply supposed to be helpful or were you just trying to be clever and smart. What a stupid reply... If people could earn more they Would. My man died 2 years ago so half of my income wiped out plus I’m still paying for the funeral. I work 48 hours a week. We live on next to nothing, I spend next to nothing except on food and I make most of my clothes. Do you really think that people are on this forum because they are stupid maybe a few but mostly circumstances go and be clever some place else. And if you can’t answer the question mine was about Halifax banking don’t post. Certainly don’t post glib answers.

AliceBanned · 7 December 2017 at 7:29PM

Blackberrycurved wrote: »

I don't know what do do I used to pay about £34 in charges this month i have been charge £90 £2ish a day plus £30 I don't know what to do £90 and I'll fall into a black hole my overdraft is £1800 but I'm on £820 into it but it will be more each month what do I do?

Have you spoken to Halifax? Or a debt charity? Especially given your circumstances mentioned in your next post - sounds like you need some help with this. Did Halifax send you a letter asking you to speak to them if you need to discuss the new charges - they may be able to give you a grace period - worth speaking to them at least.

Those charges are astronomical. :-(

YorkshireBoy · 7 December 2017 at 7:59PM

Blackberrycurved wrote: »

PeacefulWaters was that reply supposed to be helpful or were you just trying to be clever and smart. What a stupid reply...

I've just taken a brief look at your posting history. It appears you're already doing, or have been doing, at least two of the three. So who gave you that "stupid" idea? Maybe the people on the DFW board? Did you verbally assault them too?

Seems you've now upped your hours from the 36 you were doing in April? (That's earning more isn't it?)

Did you get some of the debts on loans or a credit card?...as you were looking into it? (That's restructuring isn't it?)

How did you get the overdraft down from "always at least £2K over" to a much better £820 at the moment? You must have adopted one or more of the above options? Did you think it "stupid" at the time? Do you think it "stupid" now?

Do you really want some help? Because that poster can deliver it, and has done for many over the years. I suspect you'll regret your choice of words.

PeacefulWaters · 8 December 2017 at 6:11AM

Blackberrycurved wrote: »

PeacefulWaters was that reply supposed to be helpful or were you just trying to be clever and smart.

Well to be honest, what other ways are there? I can't think of a fourth option. I'm sorry you think I'm extracting the urine but it's a perfectly serious answer.

What a stupid reply... If people could earn more they Would.

Have you looked into online surveys? A small difference but a difference all the same. Casual work in a pub or supermarket? Increasing hours/overtime in your primary job? Selling your old toys or CDs on eBay?

My man died 2 years ago so half of my income wiped out plus I’m still paying for the funeral. I work 48 hours a week. We live on next to nothing, I spend next to nothing except on food and I make most of my clothes. Do you really think that people are on this forum because they are stupid maybe a few but mostly circumstances go and be clever some place else.

But none of that makes my reply wrong or stupid.

And if you can’t answer the question mine was about Halifax banking don’t post. Certainly don’t post glib answers.

Again, where are my suggestions glib?

Granted, they peel away the emotional side of debt. But they leave behind three straight forward options to consider.

New Halifax Overdraft Charges

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